How to Finance Your RV

RVs are an excellent way to experience the great outdoors without having to give up on comfort. However, they are something of a luxury item, and not everyone will be able to justify the cost of purchasing one. That is why an estimated 70% of RV owners choose to finance. If you are interested in RV financing, read this guide from the experts at Jubilee R.V. Centre.

1. Build a Budget

Just because you are financing does not mean you should stop thinking about the costs. First, establish a price limit so that you are not tempted to purchase a model with a lot of expensive extra features. Second, remember to include extra costs like insurance, fuel, and maintenance when calculating your budget. Finally, be aware of how your finances might change over time. Loan terms can last for several years, and you don’t want to be caught unaware.

2. Save up for a Down Payment

In most cases, you will be required to pay between 10% and 20% of the RV’s total value upfront. A larger down payment usually means a lower interest rate, so start saving up as soon as possible.

3. Check Your Credit

Your credit score helps loan companies determine how likely you are to default on a loan. A higher score can make it easier to get a loan and may even result in better terms, so check yours online. Shoot for a credit score of 700 or above.

4. Consider the Types of RV Loans

Secured RV loans use your camper as collateral, meaning that your RV can be repossessed if you default on the loan. However, secured loans also usually have lower interest rates. Consequently, unsecured RV loans have higher interest rates but do not use your RV as collateral.

Visit Jubilee R.V. Centre in Kamloops, BC to access our financing department. We also have new RVs, pre-owned RVs, servicing, parts, and trade-ins. We are proud to serve communities like Vancouver and Prince George, BC, and we hope to see you soon.